Ramsay Générale de Santé (GDS) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ending 31 March 2025 rose 5.1% to €3.89bn, driven by activity growth and the acquisition of Cosem primary care centers in June 2024.

• EBITDA was nearly stable at €441m, down 0.8% year-over-year, as cost controls offset government funding cuts and inflationary pressures.

• Net result attributable to owners was a loss of €54.2m, compared to a €20.6m loss in the prior year period.

• Strategic expansion included the acquisition of Cosem centers, new primary care sites in Norway, and a major contract win for St. Göran's Hospital in Stockholm.

Financial highlights

• Organic revenue growth was 3.2% year-over-year, with France up 6.6% and the Nordics up 0.7% like-for-like.

• EBITDA margin declined to 11.3% from 12.0% year-over-year.

• Current operating profit fell 15.7% to €115.5m; operating profit dropped 24.7% to €106.9m.

• Net cash flow from operating activities was €282m, down €50m from the prior year, mainly due to working capital changes.

Outlook and guidance

• Continued focus on operational efficiency and productivity to offset inflation and funding headwinds.

• Long-term financing secured with senior debt repriced to a single maturity in 2031, supporting the “Yes We Care 2025” plan.

• Ongoing discussions with European governments to improve private sector funding.